Common use of Continuation of Payments Clause in Contracts

Continuation of Payments. Upon Employee’s death during the original ten-year period of payments under Paragraphs 1 and 2 above, the sum of Eight Thousand Three Hundred Thirty-Three and 33/100 Dollars ($8,333.33) per month shall be paid to such individual or individuals as Employee shall have designated in writing as his beneficiary(ies) as provided in Paragraph 11 below or, in the absence of such designation, to Employee’s estate, as applicable, beginning the first calendar month following the date of Employee’s death and continuing thereafter until the expiration of said original ten-year period. Once the Deferred Compensation/Consultation Payments and Non-competition Payments have begun, whether paid by Employer or as otherwise provided herein, the maximum payment period under this Agreement shall be ten years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for the payment of all income and other taxes and assessments, if any, applicable on those payments.

Appears in 2 contracts

Samples: Employee Deferred Compensation, Consultation, Post Retirement Non Competition and Death Benefit Agreement (Fidelity Bancshares Nc Inc /De/), Employee Deferred Compensation, Consultation, Post Retirement Non Competition and Death Benefit Agreement (Fidelity Bancshares Nc Inc /De/)

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Continuation of Payments. Upon Following Employee’s death during the original ten-year period of payments under Paragraphs 1 and 2 above, the sum of Eight Thousand Three Hundred Thirty-Three TWO THOUSAND NINE HUNDRED EIGHTEEN and 33/100 75/100 Dollars ($8,333.332,918.75) per month shall be paid to such individual or individuals as Employee shall have designated in writing as his beneficiary(ies) as provided in Paragraph 11 below or, in the absence of such designation, to Employee’s estate, as applicable, beginning the first calendar month following the date of Employee’s death and continuing thereafter until the expiration of said original ten-year period. Once the Deferred Compensation/Consultation Compensation Payments and Non-competition Payments have begun, whether paid by Employer or as otherwise provided herein, the maximum payment period under this Agreement shall be ten years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for the payment of all income and other taxes and assessments, if any, applicable on those payments.

Appears in 2 contracts

Samples: Employee Deferred Compensation, Post Retirement Non Competition and Death Benefit Agreement (Southern Bancshares Nc Inc), Employee Deferred Compensation, Post Retirement Non Competition and Death Benefit Agreement (Southern Bancshares Nc Inc)

Continuation of Payments. Upon Following Employee’s death during the original ten-year period of payments under Paragraphs 1 and 2 above, the sum of Eight Twelve Thousand Three Hundred ThirtySixty-Three Six and 33/100 08/100 Dollars ($8,333.3312,366.08) per month shall be paid to such individual or individuals as Employee shall have designated in writing as his beneficiary(ies) as provided in Paragraph 11 below or, in the absence of such designation, to Employee’s estate, as applicable, beginning the first calendar month following the date of Employee’s death and continuing thereafter until the expiration of said original ten-year period. Once the Deferred Compensation/Consultation Payments and Non-competition Payments have begun, whether paid by Employer or as otherwise provided herein, the maximum payment period under this Agreement shall be ten years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for the payment of all income and other taxes and assessments, if any, applicable on those payments.

Appears in 1 contract

Samples: Employee Deferred Compensation, Consultation, Post Retirement Non Competition and Death Benefit Agreement (First Citizens Bancshares Inc /De/)

Continuation of Payments. Upon Employee’s death during the original ten-year period of payments under Paragraphs 1 and 2 above, the sum of Eight Seven Thousand Three One Hundred ThirtyTwenty-Three Five and 33/100 No/100 Dollars ($8,333.337,125.00) per month shall be paid to such individual or individuals as Employee shall have designated in writing as his beneficiary(ies) as provided in Paragraph 11 below or, in the absence of such designation, to Employee’s estate, as applicable, beginning the first calendar month following the date of Employee’s death and continuing thereafter until the expiration of said original ten-year period. Once the Deferred Compensation/Consultation Payments and Non-competition Payments have begun, whether paid by Employer or as otherwise provided herein, the maximum payment period under this Agreement shall be ten years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for the payment of all income and other taxes and assessments, if any, applicable on those payments.

Appears in 1 contract

Samples: Employee Deferred Compensation Agreement (Fidelity Bancshares Nc Inc /De/)

Continuation of Payments. Upon Following Employee’s death during the original ten-year period of payments under Paragraphs 1 and 2 above, the sum of Eight Eleven Thousand Three Four Hundred ThirtyNinety-Three Seven and 33/100 48/100 Dollars ($8,333.3311,497.48) per month shall be paid to such individual or individuals as Employee shall have designated in writing as his beneficiary(ies) as provided in Paragraph 11 below or, in the absence of such designation, to Employee’s estate, as applicable, beginning the first calendar month following the date of Employee’s death and continuing thereafter until the expiration of said original ten-year period. Once the Deferred Compensation/Consultation Payments and Non-competition Payments have begun, whether paid by Employer or as otherwise provided herein, the maximum payment period under this Agreement shall be ten years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for the payment of all income and other taxes and assessments, if any, applicable on those payments.

Appears in 1 contract

Samples: Employee Deferred Compensation, Consultation, Post Retirement Non Competition and Death Benefit Agreement (First Citizens Bancshares Inc /De/)

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Continuation of Payments. Upon Employee’s death during the original ten-year period of payments under Paragraphs 1 and 2 above, the sum of Eight Thousand Three Seven Hundred Thirty-Three Seven and 33/100 50/100 Dollars ($8,333.338,737.50) per month shall be paid to such individual or individuals as Employee shall have designated in writing as his beneficiary(ies) as provided in Paragraph 11 below or, in the absence of such designation, to Employee’s estate, as applicable, beginning the first calendar month following the date of Employee’s death and continuing thereafter until the expiration of said original ten-year period. Once the Deferred Compensation/Consultation Payments and Non-competition Payments have begun, whether paid by Employer or as otherwise provided herein, the maximum payment period under this Agreement shall be ten years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for the payment of all income and other taxes and assessments, if any, applicable on those payments.

Appears in 1 contract

Samples: Employee Deferred Compensation, Consultation, Post Retirement Non Competition and Death Benefit Agreement (Fidelity Bancshares Nc Inc /De/)

Continuation of Payments. Upon Following Employee’s death during the original ten-year period of payments under Paragraphs 1 and 2 above, the sum of Eight Twenty-Two Thousand Three One Hundred ThirtyFifty-Three Four and 33/100 67/100 Dollars ($8,333.3322,154.67) per month shall be paid to such individual or individuals as Employee shall have designated in writing as his beneficiary(ies) as provided in Paragraph 11 below or, in the absence of such designation, to Employee’s estate, as applicable, beginning the first calendar month following the date of Employee’s death and continuing thereafter until the expiration of said original ten-year period. Once the Deferred Compensation/Consultation Payments and Non-competition Payments have begun, whether paid by Employer or as otherwise provided herein, the maximum payment period under this Agreement shall be ten years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for the payment of all income and other taxes and assessments, if any, applicable on those payments.

Appears in 1 contract

Samples: Employee Deferred Compensation, Consultation, Post Retirement Non Competition and Death Benefit Agreement (First Citizens Bancshares Inc /De/)

Continuation of Payments. Upon Following Employee’s death during the original ten-year period of payments under Paragraphs 1 and 2 above, the sum of Eight Thousand Three Hundred ThirtyTHREE THOUSAND SIX HUNDRED SIXTY-Three SIX and 33/100 67/100 Dollars ($8,333.333,666.67) per month shall be paid to such individual or individuals as Employee shall have designated in writing as his beneficiary(ies) as provided in Paragraph 11 below or, in the absence of such designation, to Employee’s estate, as applicable, beginning the first calendar month following the date of Employee’s death and continuing thereafter until the expiration of said original ten-year period. Once the Deferred Compensation/Consultation Compensation Payments and Non-competition Payments have begun, whether paid by Employer or as otherwise provided herein, the maximum payment period under this Agreement shall be ten years. Payments hereunder shall be payable each month without deductions and the recipient shall be solely responsible for the payment of all income and other taxes and assessments, if any, applicable on those payments.

Appears in 1 contract

Samples: Employee Deferred Compensation, Post Retirement Non Competition and Death Benefit Agreement (Southern Bancshares Nc Inc)

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